Question 1

Which of the following terms is used to represent market sensitivity to changes in price or other characteristics?

Accepted Answer

A)  Elasticity 
B)  Differentiation 
C)  Congruity 
D)  Segmentation 
E)  Positioning

Question 2

A strong,or high-quality,relationship is typified by a consumer who buys the same brand each time a need for that product arises.

Accepted Answer

A) True 
 B)False

Question 3

People and groups who help shape a consumer's everyday experiences are a part of the social environment.

Accepted Answer

A) True 
 B)False

Question 4

Explain why marketing plays an important strategic role in an organization and describe where marketing strategy fits in the bigger organization.

Accepted Answer

The answer of Explain why marketing plays an important strategic...

Question 5

Two types of values are primary value and secondary value.

Accepted Answer

A) True 
 B)False

Question 6

FAST FOOD SCENARIO
Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers.
-Refer to Fast Food Scenario.Daniel found that though fast-food restaurants cater to the need for a quick bite,consumers feel guilty of indulging in "unhealthy" food habits.This experience of guilt can be best described as _____ associated with the consumption of fast food.

Accepted Answer

A)  intuition 
B)  affect 
C)  memory 
D)  cognition 
E)  motivation

Question 7

Product differentiation becomes the basis for product positioning.

Accepted Answer

A) True 
 B)False

Question 8

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.

Accepted Answer

A)  synergy 
B)  value integration 
C)  value internalization 
D)  value co-creation 
E)  dyadic valuation

Question 9

The marketing mix is the combination of product,pricing,promotion,and distribution strategies used to position some product offering or brand in the marketplace.

Accepted Answer

A) True 
 B)False

Question 10

Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books.Which of the following terms refers to the sense of satisfaction she feels from this activity?

Accepted Answer

A)  Affect 
B)  Delusion 
C)  Schema 
D)  Synergy 
E)  Externalities

Question 11

FAST FOOD SCENARIO
Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers.
-Refer to Fast Food Scenario.Daniel wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal.They prefer instead to grab a bite on the go.They are Daniel's _____ for his new restaurant.

Accepted Answer

A)  capital 
B)  target 
C)  dominant 
D)  focal 
E)  augmented

Question 12

SUPERFOCUS SCENARIO
Superfocus is a revolutionary concept in eyeglasses--it even received a 2010 The Wall Street Journal innovation award. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There's a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers.
Superfocus can be purchased through eye care professionals or directly from the manufacturer online. The company has recently started using direct-response television advertising to drive traffic to the website so consumers can learn more about this product and sign up for a free trial offer. With prices starting at $700 a pair, the free trial might help overcome some resistance due to the relatively high price.
-Refer to Superfocus Scenario.Superfocus glasses were developed for people who have multiple prescriptions but do not like bifocals or who have to continually change glasses for different tasks like reading,computer work,or driving.By solving this problem for consumers,which type of value is being delivered by Superfocus?

Accepted Answer

A)  Hedonic 
B)  Rational 
C)  Complete 
D)  Utilitarian 
E)  Relative

Question 13

SUPERFOCUS SCENARIO
Superfocus is a revolutionary concept in eyeglasses--it even received a 2010 The Wall Street Journal innovation award. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There's a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers.
Superfocus can be purchased through eye care professionals or directly from the manufacturer online. The company has recently started using direct-response television advertising to drive traffic to the website so consumers can learn more about this product and sign up for a free trial offer. With prices starting at $700 a pair, the free trial might help overcome some resistance due to the relatively high price.
-Refer to Superfocus Scenario.The advertising,distribution through the website and eye care providers,the price,and the free trial offer are examples of Superfocus's _____.

Accepted Answer

A)  marketing tactics 
B)  corporate strategy 
C)  company mission 
D)  value proposition 
E)  product differentiation

Question 14

Cognition refers to the mental processes that go on as we process and store things that can become knowledge.

Accepted Answer

A) True 
 B)False

Question 15

FAST FOOD SCENARIO
Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professionals who usually don't have the time for a sit-down meal. They prefer instead to grab a bite on the go. Daniel has done his fair share of research, and he found that though fast-food restaurants cater to the need for a quick bite, consumers feel guilty of indulging in what they thought was "unhealthy." Daniel conceptualized a place that will offer a quick bite as a healthy alternative, so consumers would not have to suffer from guilt. Daniel is looking at establishing a long-term relationship based on trust with his customers.
-Refer to Fast Food Scenario.Busy professionals,who usually don't have the time for a sit-down meal,prefer to grab a bite on the go; even when it means indulging in unhealthy food habits.This is an example of _____ influence on consumer behavior.

Accepted Answer

A)  tangential 
B)  internal 
C)  situational 
D)  intellectual 
E)  personal

Question 16

Define consumer value,and compare and contrast utilitarian value and hedonic value. Describe two situations - one in which you received utilitarian value and the other in which you experienced hedonic value.Which made you more satisfied? Explain why.

Accepted Answer

The answer of Define consumer value,and compare and contrast utilitarian...

Question 17

_____ reflects the connectedness between a consumer and a retailer,a brand,or service provider.

Accepted Answer

A)  Hedonic value 
B)  Interconnectivity 
C)  Synergy 
D)  Consumption 
E)  Relationship quality

Question 18

Which of the following is true about the two basic types of values?

Accepted Answer

A)  Utilitarian value is an end in and of itself rather than a means to an end. 
B)  Hedonic value is very emotional and subjective in nature. 
C)  Utilitarian value is the immediate gratification that comes from experiencing some activity. 
D)  Utilitarian value is immediate whereas hedonic value is delayed. 
E)  Hedonic value is provided by an activity because the activity allows something good to happen or be accomplished.

Question 19

Which of the following is a negative consequence of consumption?

Accepted Answer

A)  Quality 
B)  Opportunity costs 
C)  Prestige 
D)  Convenience 
E)  Experience

Question 20

Which of the following is an element of the marketing mix?

Accepted Answer

A)  Quality 
B)  Pricing 
C)  Design 
D)  Use 
E)  Span

Exam 2: Value and the Consumer Behavior Value Framework

Which of the following terms is used to represent market sensitivity to changes in price or other characteristics?

A strong,or high-quality,relationship is typified by a consumer who buys the same brand each time a need for that product arises.

People and groups who help shape a consumer's everyday experiences are a part of the social environment.

Explain why marketing plays an important strategic role in an organization and describe where marketing strategy fits in the bigger organization.

Two types of values are primary value and secondary value.

Product differentiation becomes the basis for product positioning.

The realization that a consumer is necessary and must play a part in order to produce value is the major premise underlying the concept of _____.

The marketing mix is the combination of product,pricing,promotion,and distribution strategies used to position some product offering or brand in the marketplace.

Hannah is an avid reader and looks forward to going to the library at the end of each week to issue more books.Which of the following terms refers to the sense of satisfaction she feels from this activity?

Cognition refers to the mental processes that go on as we process and store things that can become knowledge.

Define consumer value,and compare and contrast utilitarian value and hedonic value. Describe two situations - one in which you received utilitarian value and the other in which you experienced hedonic value.Which made you more satisfied? Explain why.

_____ reflects the connectedness between a consumer and a retailer,a brand,or service provider.

Which of the following is true about the two basic types of values?

Which of the following is a negative consequence of consumption?

Which of the following is an element of the marketing mix?